QBE sees profits almost halve in H1

Australia-headquartered insurer QBE recorded a 41.7 percent fall
in pre-tax profits for the first half of the year, taking the total
to $347mn.
The drop primarily reflected an adverse discount rate adjustment
of $283mn compared with a benefit of $45mn in the prior-year
period.
Risk-free rates in all of the group's major currencies fell
significantly, but especially sterling and euro, with euro
risk-free rates now negative.
The currency weighted average risk-free rate (excluding the
Argentine pes